|
Report Date : |
01.07.2014 |
IDENTIFICATION DETAILS
|
Name : |
SINOPIA SA |
|
|
|
|
Registered Office : |
Km 19.3 Carretera Al Pacifico, Granjas Italia, Lote No.5,
Zona 4 Villanueva, |
|
|
|
|
Country : |
Guatemala |
|
|
|
|
Financials (as on) : |
30.04.2014 |
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|
|
|
Date of Incorporation : |
02.02.2007 |
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|
|
|
Legal Form : |
Stock Company |
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|
|
|
Line of Business : |
Import and marketing of chemicals for the pharmaceutical,
food and animal nutrition industries |
|
|
|
|
No. of Employees |
85 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
Payment Behaviour : |
Unknown |
|
Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Guatemala |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
GUATEMALA ECONOMIC OVERVIEW
Guatemala is the most populous country in Central America with a GDP per capita roughly one-half that of the average for Latin America and the Caribbean. The agricultural sector accounts for 13.5% of GDP and 30% of the labor force; key agricultural exports include coffee, sugar, bananas, and vegetables. The 1996 peace accords, which ended 36 years of civil war, removed a major obstacle to foreign investment, and since then Guatemala has pursued important reforms and macroeconomic stabilization. The Dominican Republic-Central America Free Trade Agreement (CAFTA-DR) entered into force in July 2006, spurring increased investment and diversification of exports, with the largest increases in ethanol and non-traditional agricultural exports. While CAFTA-DR has helped improve the investment climate, concerns over security, the lack of skilled workers, and poor infrastructure continue to hamper foreign direct investment. The distribution of income remains highly unequal with the richest 20% of the population accounting for more than 51% of Guatemala's overall consumption. More than half of the population is below the national poverty line, and 13% of the population lives in extreme poverty. Poverty among indigenous groups, which make up more than 40% of the population, averages 73%, with 22% of the indigenous population living in extreme poverty. Nearly one-half of Guatemala's children under age five are chronically malnourished, one of the highest malnutrition rates in the world. Guatemala is the top remittance recipient in Central America as a result of Guatemala's large expatriate community in the United States. These inflows are a primary source of foreign income, equivalent to one-half of the country's exports or one-tenth of its GDP
|
Source
: CIA |
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IDENTIFICATION |
|
|
COMPANY NAME |
SINOPIA SA |
|
TRADE NAME |
SINOPIA |
|
TAX ID TYPE |
NIT |
|
TAX ID NUMBER |
5214938-2 |
|
CURRENT STATUS |
Active |
|
MAIN ADDRESS |
Km 19.3 Carretera Al Pacifico, Granjas Italia, Lote No.5, Zona 4 |
|
CITY/PROVINCE/STATE |
Villanueva, Guatemala |
|
PHONE NUMBER(S) |
(502)6630.5353 |
|
FAX NUMBER |
(502)6630.7321 / 6630.7379 |
|
|
clayton@quirsa.com |
|
WEB SITE |
www.quirsa.com (Group's website) |
|
COMMENTS OF IDENTIFICATION.- |
This report was ordered with address: Km. 19.3 Granja Italia Nr 5 01064. Please be noted that the complete and correct address of the subject is as shown above. |
LEGAL ASPECTS |
|
|
LEGAL STATUS |
Stock Company |
|
INCORPORATION DATE |
02/02/2007 |
|
REGISTERED IN |
Villanueva, Guatemala |
|
DURATION |
Unlimited |
|
NOTARY OFFICE |
Roberto Colmenares Arandi |
|
REGISTRATION |
Deed No. 17 |
|
BOARD OF DIRECTORS-EXECUTIVES-SHAREHOLDERS |
||
|
NAME |
JOB TITLE |
% STAKE |
|
REITZEL HACK, GUNTHER HEINRICH |
President/Legal Rep. |
51% |
|
REITZEL, ANA MARIA PRETI DE |
Vice President/Adm. Mger. |
49% |
|
REITZEL PRETI, GUNTHER |
General Manager |
|
|
ALBUREZ BARRIOS, CLAYTON ESTUARDO |
Finance Manager |
|
|
PEREZ MANCILÑLA, CARLOS ENRIQUE |
Sales Manager - Pharma Division |
|
|
FONG DE CHEVEZ , VERONICA |
Sales Manager - Foods Division |
|
|
SOSA QUINTANA, CARLOS FRANCISCO |
Accountant |
|
|
WHO IS WHO? |
|
REITZEL HACK, GUNTHER HEINRICH |
|
NIT, 1950193-5, . |
No negative information given.
|
PAID-UP CAPITAL |
Q.5,000,000.00 Quetzales |
|
LISTED AT STOCK EXCHANGE |
NO |
|
% CREDIT SALES/TERMS |
100% (Invoices at 30,60 and 90 days) |
|
RELATED COMPANIES |
||
|
NAME |
TAX ID. NUMBER |
COUNTRY |
|
CORPORACION QUIRSA R D SRL |
130666182 |
DOMINICAN REPUBLIC |
|
CORPORACION QUIRSA SA |
2641158-K |
GUATEMALA |
|
QUIMICA REITZEL DE EL SALVADOR SA DE CV |
|
EL SALVADOR |
|
REPRESENTACIONES Y QUIMICOS SA |
2641153-9 |
GUATEMALA |
|
COMMENTS ON LEGAL
ASPECTS .- |
||
|
On 02/02/2007, the subject was established under Deed No.17 On 20/02/2007, it was provisionally registered in the Commercial Register of Guatemala On 20/02/2007 the subject was registered in the Superintendence of Tax Administration (SAT) On 15/03/2007, it was definitively registered in the Commercial Register of Guatemala. The subject is registered in The Contracting and Procurement System of Guatemala. It is worthy to mention that the subject was established in 2007, however it was inactive until January 2014. The subject is a business continuation of QNOVA SA under NIT 5214910-2 which stopped activities on 31/12/2013. |
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|
FINANCIAL INFORMATION |
|
CONTENT.- |
|
During our investigation, we interviewed Mr. Clayton Alburez (Finance Manager) who only supplied business information regarding the subject as well as its Situational Balance Sheet as of 30/04/2014 (04 months) expressed in Quetzales as follows: |
|
SITUATIONAL BALANCE
SHEET |
|
|
Balance Date |
30/04/2014 |
|
Currency |
Quetzal |
|
Exchange Rate |
7.73 |
|
.Current Total |
69,641,827.00 |
|
.Net Fixed |
146,844.00 |
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.Other Assets |
9,092.00 |
|
.Total Assets |
69,797,763.00 |
|
.Total Current Liabilities |
67,092,044.00 |
|
.Long Term Accounts |
9,723.00 |
|
Total Liabilities |
67,101,767.00 |
|
Total Equity |
2,695,996.00 |
|
Total Liabilities and Equity |
69,797,763.00 |
|
PROFIT AND LOSS
ACCOUNT |
|
|
Balance Date |
30/04/2014 |
|
Currency |
Quetzal |
|
Exchange Rate |
7.73 |
|
Net Sales |
48,495,034.00 |
|
Net Income(Net Loss) |
2,690,996.00 |
|
FINANCIAL
COMMENTS.- |
|
|
COUNTRY CONTEXT - GUATEMALA: The below information has been obtained from a highly regarded public source that issues comments on all of worlds? countries. Taxes: · Guatemalan income tax: 5% on the net profit-business: · Alphabetic currency code for every country by the International Organization for Standardization (ISO) 4217:Quetzal (GTQ). Main economic indicators: · External debt: US$17.67 billion (31 December 2013 est.) · International net reserves: US $7.118 billion (31 December 2013 est.) · Inflation rate : 4.4% (2013 est.) · GDP real growth rate: 3.3% (2013 est.) · Annual GDP per capita: US$5,300 (2013 est.) GDP - composition, by sector of origin: agriculture: 13.5% industry: 23.8% services: 62.7% (2013 est.) · Labour force of 4.465 million people (2013 est.) divided by: agriculture: 38% industry: 14% services: 48% Unemployment rate: 4.1% (2011 est.) (last available) Productivity sectors: Agriculture - products: sugarcane, corn, bananas, coffee, beans, cardamom; cattle, sheep, pigs, chickens Industries: sugar, textiles and clothing, furniture, chemicals, petroleum, metals, rubber, tourism Foreign trade: Exports: US$10.29 billion (2013 est.) country comparison to the world: 93 US$10.11 billion (2012 est.) Exports - commodities: coffee, sugar, petroleum, apparel, bananas, fruits and vegetables, cardamom Exports - partners: US 40.2%, El Salvador 11.1%, Honduras 8%, Mexico 5.5%, Nicaragua 4.7%, Costa Rica 4.3% Imports: US$16.7 billion (2013 est.) country comparison to the world: 83 US$15.84 billion (2012 est.) Imports - commodities: fuels, machinery and transport equipment, construction materials, grain, fertilizers, electricity, mineral products, chemical products, plastic materials and products Imports - partners: US 38%, Mexico 11.3%, China 7.4%, El Salvador 4.6% Country risks: Commercial Country Risk: MEDIUM Political Country Risk: LOW |
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DETAILS OF FIXED
ASSETS.- |
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Main assets include: - Computer equipment - Office furniture |
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INSURANCE.- |
|
|
Subject holds an insurance policy against all risk with SEGUROS Y FINANZAS G Y T CONTINENTAL SA, valid until 31/12/2014 and with a coverage amount of Q.247,000,000.00 Quetzales and with SEGUROS UNIVERSALES SA, with variable validity and coverage amount of Q. 400,000.00 Quetzales. |
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|
CREDIT FILES |
|
|
Locally, the subject does not have credit experience due to its purchases come from abroad. |
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|
RATE OF EXCHANGE |
US$1.00 = Q.7.79 as of report date |
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OPERATIONS |
|
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SECTOR |
3.-TRADE ( WHOLESALE AND RETAIL) |
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ACTIVITY |
CHEMICAL PRODUCTS |
|
ISIC CATEGORY |
G-WHOLESALE AND/OR RETAIL SALE |
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MAIN ACTIVITY |
Import and marketing of chemicals for the pharmaceutical, food and animal nutrition industries. Third party brands: "ALBEMARLE", "ALPHARMA", "EVONIK", "EKA CHEMICALS", "HUBER", "HUVEPHARMA", "RANBAXY", "IBERCHEM". |
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TERRITORY OF SALES |
20% (Domestic Market) |
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% FOREIGN SALES |
80% |
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% FOREIGN PURCHASING |
100% |
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N. OF EMPLOYEES |
85 approximately |
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LOCATION |
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PLANT, ADMINISTRATIVE OFFICES, WAREHOUSE: Located at captioned address. 4-story premises which consists of 3,000 sq.m. located in an industrial zone of easy access. WAREHOUSE: - Km 19,3 Carretera Al Pacifico, Granjas Italia Ii, Fraccion 3, Zona 4, Villanueva. Owned premises. |
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COMMENTS OF
OPERATIONS.- |
|
It imports from Germany, Switzerland, Austria, USA, China, England, against direct credit from 90 - 180 days. Besides, it exports to Central America, El Salvador, Honduras, Nicaragua, Costa Rica, Panama, Cuba, Dominican Republic against credit at 60 - 90 days. |
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FOREIGN SUPPLIERS |
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Name |
Contact |
Telephone/fax |
Country |
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BASF AG |
|
|
GERMANY |
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CLARIANT INTERNATIONAL AG. |
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SWITZERLAND |
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BOEHRINGER INGELHEIM |
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GERMANY |
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AARTI DRUGS LTD |
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INDIA |
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PHARMA POLYMERS INC. |
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U.S.A. |
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WENDT CHEMIE GMBH |
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GERMANY |
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GLENMARK PHARMACEUTICALS LTD |
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|
INDIA |
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CERESTAR GMBH |
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GERMANY |
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SIEMGLUSS GMBH |
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|
GERMANY |
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HELM AG |
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|
GERMANY |
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MANTENA LABORATORIES LTD. |
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|
INDIA |
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BIESTERFELD INTERNATIONAL GMBH |
|
|
GERMANY |
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ALBE MARLE INC. |
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U.S.A. |
|
SID CHEMICAL LTD. |
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|
ENGLAND |
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QUANTUM CHEMICALS CO. LTD. |
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TAIWAN |
|
ROHM GMBH CHEMISCHE |
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GERMANY |
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CLARIANT LTD. |
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ITALY |
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BIDACHEM SPA |
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ITALY |
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JIANGSU JIANGSHAN PHARMACEUTICAL CO LTD |
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CHINA |
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AGARWAL CHEMICAL LTD |
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INDIA |
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SINTOFARM SPA |
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ITALY |
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SINOCHEM JIANGSU CO. |
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CHINA |
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BANKERS / REFERENCE |
||||
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Bank Name |
Account Number |
Account Officer |
Telephone |
Country |
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BANCO G & T CONTINENTAL SA |
LC 88-5805883-0 |
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|
GUATEMALA |
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BANCO INDUSTRIAL SA |
LC 027-071907-0 |
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|
GUATEMALA |
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BANCO AGROMERCANTIL SA |
LC 30-2000528-2 / FC FV-2398 |
Yeni Quintana |
(502) 2338.6565 |
GUATEMALA |
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BANCO PROMERICA SA |
FC 630620000071 |
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GUATEMALA |
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BANK COMENTS |
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Consulted banks do not give any information of their clients due to bank secrecy. |
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CREDIT OPINION |
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COMMENTS: The subject is a trading company which has been operating normally. Besides, it is backed by its related companies. |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.09 |
|
|
1 |
Rs.102.33 |
|
Euro |
1 |
Rs.82.01 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
NIS |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
|
26-40 |
B |
Capability to
overcome financial difficulties seems comparatively below average. |
Small |
|
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
|
-- |
NB |
New Business |
-- |
|
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors and their relative weights (as
indicated through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.